NATIONAL INSURANCE COMPANY.

Globe, Volume XXIV, Issue 2686, 16 November 1882, Page 3

NATIONAL INSURANCE COMPANY.

[press association telegeah.] DUNEDIN, November 15. The ninth annual meeting of the shareholders in the National Insurance Company was held to-day. Mr Keith Ramsay, vicechairman of directors, presided. The directors’ report was adopted, recommending a dividend of 10 per cent., making, with the interim dividend, 20 per cent, for the year, and carrying forward .£5019. The usual votes of thanks, &c., were accorded. Messrs Marshall,' Glendening, and Ilallenstein were elected directors. From the Chairman’s speech we take the following extracts : —Speaking as to the actual results of our last year’s operations they were not encouraging. The National Insurance shareholders have as a rule been accustomed to better things in the past. I have already indicated the causes —excessive competition and unremunerative rates. After laying aside the sum necessary to cover our uaexpired risks, we have made J63SSB. That is the whole profit in underwriting for the year. We have all but paid our dividend on the old capital out of interest and rents, so that but for the prudence and forethought of shareholders during our early years of prosperity, in supporting the directors in building up our reserve fund, we would have this year been unable to pay our usual dividend. Our American business continues encouraging, as compared with the New Zealand business, although there as elsewhere there has been au unlucky year. We have not since last meeting greatly extended our operations in that country, as in our opinion the time and circumstances have not .been opportune. We look forward, liowI ever, to occupying a large and profitable field there by and bye. At our last general meeting you were informed by the chairman that wo had opened a branch in London in conjunction with our good friends the South British and an Adelaide Company, and we had reason to expect good results from this step. Another company has joined us. and the combination noif consists of the South British and National of New Zealand, the Adelaide of Australia and the United of Sydney. Wo now form a powerful combination, and we are also of good financial standing and of excellent repute. It is gratifying to ba able to inform you that our expectations with, regard to the Loudon business have been fully realised, and that our success has been greater than could reasonably have boon looked for. The company has now been nine years in existence, and I think we may fairly congratulate ourselves on the x>ositiou we occupy. It has fallen to the lot of very few insurance companies to occupy so prosperous a position in so short a time. During our early years we had good times in the colony, and we made the most of them. They have not been so good for some time hack, and we are almost forced to seek fresh fields in larger communities. Be assured, gentlemen, that the same cautious and considerative policy which his been so successful in the carrying on of our domestic business will follow into the larger and more important fields which wo have determined to cultivate. Wo have at the helm a general manager who, to repeat the words applied to him by the chairman at the last annual meeting, “ With ail his reputation for cautiousness has proved to develop, when circumstances called for it, an enterprise and mastery of his profession, which has been of great advantage to the company, and will, I hope, continue to ba eo for years to come.”